Research On The Impact Of Corporate Environmental Responsibility On Corporate Value

In recent years,the state and the public have attached great importance to ecological and environmental issues,and the state has actively promoted the transformation and upgrading of enterprises.Under the new situation,Chinese enterprises have also been placed high hopes in fulfilling their environmental responsibilities,especially those in heavy pollution industries.At the same time,enterprise value is a topic that enterprise managers have been paying close attention to for a long time.How to improve enterprise value is very important for managers,employees and other internal stakeholders,and will also have a far-reaching impact on public life and consumption level and national economic growth.Based on this,on the basis of theoretical analysis,this paper makes an empirical study on the relationship between corporate environmental responsibility and corporate value,and further analyzes the deep mechanism and boundary effect affecting the relationship between them.Taking the panel data of A-share listed polluting enterprises from 2013 to 2019 as a sample,this paper empirically analyzes the impact of corporate environmental responsibility on corporate value,and tests the intermediary role of analysts’ attention between them,the regulatory role of internal control between environmental responsibility and corporate value,and the regulatory role of strategic difference between analysts’ attention and corporate value.The results show that corporate environmental responsibility can affect stakeholders,further promote the improvement of enterprise information environment,enhance enterprise legitimacy,promote enterprise financing and enhance enterprise value;Analysts pay attention to playing part of the intermediary effect in the relationship between environmental responsibility and corporate value.Corporate environmental responsibility behavior will cause analysts to pay more attention to the performance of environmental responsibility and environmental information of enterprises due to the demand motivation of capital market and personal career development.Analysts’ attention can give better play to their role of information transmission and supervision,Promote the promotion of enterprise value;Internal control plays an inhibitory role between corporate environmental responsibility and corporate value.Compared with enterprises with high level of internal control,enterprises with low internal control have more serious information asymmetry and poor reputation with the outside world.At this time,the positive reputation effect of enterprises performing environmental responsibility will be more significant,Thus,the value effect of environmental responsibility in enterprises with poor internal control is stronger;Strategic difference plays an inhibitory role between analysts’ attention and enterprise value.Strategic difference will not only bring huge risks and uncertainties to enterprises,but also make analysts reduce their attention to enterprises out of cost considerations,further affect their prediction accuracy,and weaken the promotion of analysts’ attention to enterprise value.In the heterogeneity analysis,the grouping test of different regional types found that the environmental responsibility of central and western enterprises played a stronger role in promoting enterprise value than that of eastern enterprises;The grouping test of the nature of property rights shows that the value effect of environmental responsibility of state-owned enterprises is stronger than that of other enterprises.This study is innovative in the following aspects:first,taking pollution listed enterprises as a sample to study the impact of their environmental responsibility on enterprise value,which enriches the empirical research results of pollution enterprises;Secondly,this paper puts forward an intermediary path to realize the promotion of enterprise value,that is,the path of "enterprise environmental responsibility-analyst concern-enterprise value";Third,this paper studies the moderating effect of internal control factors on the relationship between environmental responsibility and enterprise value,and the influence of corporate strategy difference on analyst concern and enterprise value,enriches the research of regulatory mechanism in the relationship between corporate environmental responsibility and firm value.The research results provide some reference for scholars to continue to explore the deep mechanism between the two,and have practical guiding significance for enterprise managers to fulfill their environmental responsibilities.